AtheroGenics ( AGIX) rose 14% as the company continued to recover from a big loss to start the week. On Monday, its shares tumbled roughly 60% after its heart disease drug failed to meet the main target of a phase III trial. The stock was recently adding 45 cents to $3.67.

Adams Respiratory Therapeutics ( ARXT) was also surging after the company said it has settled a patent lawsuit over a generic version of Mucinex with Mutual Pharmaceutical and United Research Laboratories. Recently, Adams was climbing $5.17, or 16.8%, to $36.01.

On the downside, Avalon Pharmaceuticals ( AVRX) dropped 5.1% after the drugmaker's fourth-quarter loss swelled from the same quarter in the previous year. The stock was off 24 cents at $4.48.

Elsewhere, JPMorgan reduced both GlaxoSmithKline ( GSK) and AstraZeneca ( AZN) to underweight from neutral. GlaxoSmithKline was off 1.4% at $55.44, and AstraZeneca was down 1.3% at $55.95.

Also on the move, ISIS Pharmaceuticals ( ISIS) was up 7.6% at $10.32. ImClone Systems ( IMCL) was rising 4.2% at $34. Nektar Therapeutics ( NKTR) was gaining 2.4% to $12.44.

Among decliners, Celgene ( CELG) was off 2.2% at $53.42. St. Jude Medical ( STJ) was recently down 1% to $37.99.

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